Clifford Chance

Clifford Chance advises on the sale of Münster Arkaden to Aachener Grundvermögen

Clifford Chance advised Münster Arkaden B.V., a property company owned by Sierra European Retail Real Estate Asset Fund B.V., on the sale of the Münster Arkaden to Aachener Grundvermögen Kapitalanlagegesellschaft mbH. The parties have agreed to maintain confidentiality on the purchase price.

The Münster Arkaden is located in the center of the city of Münster/Westphalia and accommodates 40 retail shops on four floors with a total sales area of more than 22,000 square meters, and additionally almost 5,000 square meters of office space and an underground car park with 250 parking spaces.

Center developer Sonae Sierra, which is to be responsible for the management of the Münster Arkaden Center in the long term, holds a 51% share in Sierra European Retail Real Estate Asset Fund B.V.

This sale, which was finalized in late 2012, was one of the largest real estate transactions in that year.

The Clifford Chance team comprised partner Reinhard Scheer-Hennings, associate Thomas Beisken and senior transaction lawyer Katrin Rötering (all Real Estate, Düsseldorf).